Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

New residential project launched in Musandam

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A state-of-the-art residential project that envisages to convert the land into a hospitality destination of the niche was launched in Khasab, tapping on the ever-surging tourism interest for the Musandam Governorate. Named ‘Nujum al Ard’, which translates into ‘Stars of Earth’ the niche project will redefine destination hospitality in a great way promoting the concept of staying in structures and shapes that one may have dreamt of under the canopy of stars.


“The idea is to give an experience of staying in structures and shapes under the stars defining hospitality at its highest opulence. The project will have 80 such shapes rather rooms and will be promoted as a destination in the governorate”, Dinakar Sankaran, Chief Architect of the Nujum al Ard said.


The project which is also expected to generate over 500 direct and indirect employment opportunities for the local workforce, measures over 6500 sq meters. The financing model of the project is a hybrid across equity, Hedge and long-term debt which will be availed in a phased manner. There will also be an opportunity to create individual rooms and asset for investments by High Net Worth Individuals who will participate by invitation and pre-qualification.


“We are expecting to generate a lot of new investment opportunities due to the recent announcement of the opening of the Khasab-Bandar Abbas marine route which projects Musandam as the new business hub between the Sultanate and East Asia, said Ramanadana Prabhu, Financial Advisor of the project.


“As tourism sector is one of the key drivers of the Oman economic diversification action plan of Tanfeedh, I am delighted to work on this project as it will create 500 employment opportunities and enhance the economic development in the governorate of Musandam”, Mohammed Ghulam al Balushi, project sponsor of Nujum al Ard adds.


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